Bank of New Zealand (BNZ) is one of New Zealand's big four banks and has been operating in the country since the first office was opened in Auckland in October 1861 followed shortly after by the first branch in Dunedin in December 1861. 1861: The Bank of New Zealand formed as a private company and incorporated by The New Zealand Bank Act 1861[4] creating the company and authorising it to issue banknotes. First branch in New Zealand opened in Queen Street in Auckland and a Dunedin branch is opened shortly afterward. 1862: Wellington, Christchurch and London branches opened. Gained the banking account of the New Zealand Government from the Union Bank of Australia and became an agent to raise debt in the United Kingdom for the Government.